The US grew to become India’s largest buying and selling associate within the fiscal 12 months 2022-23 as bilateral commerce rose by virtually 8% to $128.55 billion.
India’s exports to the US grew 2.81% to $78.31 billion on this interval as in opposition to $76.18 billion in 2021-22, the Indian commerce ministry’s information present. Its imports from that nation elevated 16% to $50.24 billion.
India’s main exports to the US embody polished diamonds, pharmaceutical merchandise, jewelry, mild oil and petroleum, frozen shrimp, and cosmetics, amongst different objects. Its imports embody oil, liquefied pure fuel, coal, recycled merchandise, and almonds.
The rise in Indo-US commerce is in distinction to the 1.5% fall in India-China commerce to $113.83 billion in the identical fiscal 12 months.
Curiously, although, India’s exports to China fell 28% to $15.32 billion on this interval, whereas its imports grew 4.16% to $98.51 billion. China is India’s second-largest commerce associate.
Indo-US commerce rose almost 800% between 1999 and 2019
Over time, India’s commerce ties with the US have strengthened steadily. Within the 20 years between 1999 and 2019, bilateral commerce grew 787% from $16 billion to $142 billion. That is regardless of sundry disputes.
For example, in the course of the Donald Trump presidency, the 2 nations clashed over tariffs. The bilateral relationship got here below additional duress when, in 2019, the US ended India’s particular commerce therapy that had facilitated $5.6 billion in Indian duty-free exports.
Equally, the US authorities has lengthy sought decrease Indian duties on the long-lasting Harley-Davidson bikes, whereas India has had its issues over visa processing delays.
Nonetheless, each India and the US have constantly labored on stronger financial ties. The most recent information present that issues are going within the proper course.